Bullions counter may trade on upside path as gold prices climbed as the Middle East conflict kept investors worried, with safe-haven bullion standing firm despite a stronger U.S. dollar and bonds yields.
Bullions counter may trade on upside path as gold prices climbed as the Middle East conflict kept investors worried, with safe-haven bullion standing firm despite a stronger U.S. dollar and bonds yields. Gold can move in range of 60700-61200 while silver also can move in range of 71300-72500. Investors now await the U.S. GDP numbers for the third quarter later in the day and the PCE price index on Friday ahead of the Federal Reserve’s rate decision next week. Meanwhile, the European Central Bank is expected to keep interest rates unchanged at a record high on Thursday, snapping a 15-month streak of hikes. On geopolitical front, Israel kept up its strikes on Hamas targets in Gaza as it prepared for a ground invasion, and world powers at the United Nations failed to secure plans to deliver critical humanitarian aid.
In base metal counter, Copper can move on mixed path as it can move in range of 697-707. The global refined copper market reported a 33,000 metric ton deficit in August, up from July’s 30,000 metric ton deficit, according to the International Copper Study Group (ICSG). In August, global refined copper output was 2.25 million metric tons, slightly below consumption at 2.28 million metric tons. When accounting for changes in Chinese bonded warehouse inventory, there was a 34,000 metric ton deficit in August, a slight improvement from July’s 39,000 metric ton deficit. China’s copper cathode output in September saw a 2.3% month-on-month increase, reaching 1.01 million metric tons, reflecting an 11.3% year-on-year growth. Aluminum can move in range of 204-206.
Crude oil may trade on upside path as it may move in range of 7000-7200. Oil prices fell on Thursday after a rise in U.S. crude stockpiles and a climb in the dollar index, giving up some ground gained a day earlier when prices jumped on Middle East tensions. U.S. crude inventories climbed by 1.4 million barrels in the latest week to 421.1 million barrels, according to the Energy Information Administration, exceeding a 240,000-barrel gain. Refinery crude runs in the U.S. fell by 207,000 barrels per day, while refinery utilization rates also edged lower by 0.5 percentage point to 85.6% of total capacity, EIA data showed. The dollar index was also up slightly on Thursday, which helps pressure oil prices. A stronger dollar dampens oil demand as it makes the commodity more expensive for those holding other currencies. Natural gas prices may trade on witness some short covering as it can move in range of 270-290.
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